Enhancing Data Security in Financial Institutions with Blockchain Technology

Fnu Jimmy ()

Journal of Artificial Intelligence General science (JAIGS) ISSN:3006-4023, 2024, vol. 5, issue 1, 424-437

Abstract: The rapid digitization of financial institutions has significantly increased the need for robust data security measures. Blockchain technology, with its decentralized and immutable nature, offers a promising solution to enhance data security in this sector. This paper explores how blockchain can address key security challenges faced by financial institutions, such as data breaches, fraud, and unauthorized access. By leveraging cryptographic principles and a distributed ledger system, blockchain ensures data integrity, transparency, and secure authentication. The potential benefits, limitations, and real-world applications of blockchain in financial security are also discussed to provide a comprehensive understanding of its impact on safeguarding sensitive financial data.

Keywords: Blockchain; data security; financial institutions; digital transformation; data integrity; financial technology (search for similar items in EconPapers)
Date: 2024
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